2014 Indiana Code TITLE 27. INSURANCE ARTICLE 16. PROFESSIONAL EMPLOYER ORGANIZATIONS CHAPTER 8. BENEFIT PLANS
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IC 27-16-8
Chapter 8. Benefit Plans
IC 27-16-8-1
Client and PEO considered employer for purposes of retirement
and welfare benefits
Sec. 1. A client and a PEO are each considered to be an employer
for purposes of sponsoring retirement and welfare benefit plans for
covered employees.
As added by P.L.245-2005, SEC.7.
IC 27-16-8-2
Fully insured welfare benefit plans
Sec. 2. A fully insured welfare benefit plan offered to covered
employees of a single PEO is:
(1) considered to be a single employer welfare benefit plan; and
(2) not a multiple employer welfare arrangement (as defined in
IC 27-1-34-1(b)) and is not required to comply with IC 27-1-34.
As added by P.L.245-2005, SEC.7.
IC 27-16-8-3
Covered employees considered to participate in single employer
plan
Sec. 3. For purposes of IC 27-8-15, all covered employees of a
PEO participating in a group health benefit plan sponsored by the
PEO are considered to be:
(1) employees of the PEO; and
(2) participating in a single employer plan.
As added by P.L.245-2005, SEC.7.
IC 27-16-8-4
Health benefit plan offered by PEO
Sec. 4. If a PEO offers to the PEO's covered employees a health
benefit plan that is not fully insured by an insurer authorized under
this title to conduct the business of insurance in Indiana, the health
benefit plan must:
(1) be administered by an administrator licensed under
IC 27-1-25;
(2) hold all plan assets, including participant contributions, in a
trust account;
(3) provide sound reserves for the health benefit plan as
determined using generally accepted actuarial standards as set
forth in an actuarial opinion filed with the commissioner and
prepared and signed by a qualified actuary who:
(A) is a member in good standing of the American Academy
of Actuaries; and
(B) meets the requirements established by the commissioner
in rules adopted under IC 4-22-2;
(4) annually submit current audited financial statements to the
commissioner;
(5) at the discretion of the commissioner, possess a written
commitment, binder, or policy for stop-loss insurance:
(A) issued by an insurer authorized to conduct the business
of insurance in Indiana; and
(B) that meets any specific and total coverage requirements
established by the commissioner in rules adopted under
IC 4-22-2;
(6) be subject to audit for compliance with the requirements of
this section by the department on a random basis or upon a
finding of reasonable need; and
(7) provide written notice to each covered employee
participating in the health benefit plan that the health benefit
plan is:
(A) self-insured or not fully insured; and
(B) subject to the federal Employee Retirement Income
Security Act of 1974 (29 U.S.C. 1001 et seq.).
As added by P.L.245-2005, SEC.7.
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